Printer Friendly

AMERICAN CLAIMS EVALUATION ENTERS INTO LETTER OF INTENT

 JERICHO, N.Y., Aug. 25 /PRNewswire/ -- American Claims Evaluation, Inc. (NASDAQ: AMCE) announced today it has entered into a letter of intent for the proposed acquisition of a privately-held western state based disability management and rehabilitation services company with sales during their most recent fiscal year, in excess of $6,000,000.
 The acquisition is to be effected with a cash payment at closing plus an additional amount contingent on future earnings, which could result in a total price in excess of $7,500,000. The proposed acquisition is subject to the commencement and completion of due diligence activities and the negotiation and consumption of a legally binding stock purchase agreement and other contingencies.
 American Claims has previously announced the proposed acquisition of another company providing vocational rehabilitation services. The combined revenues of both companies in their most recent fiscal years exceeded $7,600,000. These acquisitions enable American Claims to expand its services to include workers compensation and disability management in addition to its current group health managed care markets.
 Mr. Gary Gelman, chairman, said that upon completion of this acquisition, American Claims Evaluation, Inc. will provide specific medical managed care services to the group health and workers compensation markets.
 American Claims Evaluation, Inc. is a health care cost containment services company in the business of verifying the accuracy of hospital bills throughout the United States submitted to its clients for payment; such clients include commercial health insurance companies, third-party administrators, health maintenance organizations and self-insured corporate clients. The company's services are designed to enable its clients to pay only for those medical services that were actually provided to the patient.
 -0- 8/25/93
 /CONTACT: Gary J. Knauer, chief financial officer of American Claims Evaluation, 516-938-8000/
 (AMCE)


CO: American Claims Evaluation, Inc. ST: New York IN: HEA SU: TNM

SM-WB -- NY067 -- 5874 08/25/93 16:45 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 25, 1993
Words:310
Previous Article:CLASSIC MEDICAL GROUP SIGNS LETTER OF INTENT
Next Article:LECHTERS, INC. REPORTS RESULTS
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters